Kings College

“Atty. Joe kluger (director) and atty. Allan kluger (director emeritus) have a family relationship. Mark decesaris (vice chairman), eberhard faber (director), michael molewski (director), richard pinola (director), and charles parente (director) have business relationships. Rev. Thomas o'hara, c.s.c. Is the provincial of the u.s. Province of holy cross. The president of king's college, fr. John j. Ryan, c.s.c. (along with all other priests and brothers on campus) are members of the u.s. Province of holy cross. The priests that are members of the board of directors are also members of the u.s. Province.”

“The management of the dining services and facilities departments are contracted out to sodexo. The respective managers from sodexo report to the college's cfo and ultimate decision making rests with the cfo, including personnel decisions.”

“The members of the corporation of king's college include all full-fledged members of the congregation of holy cross whose official assignment is directly related to king's college. The members meet at least annually and as often as deemed necessary by the members, corporate officers or board of directors.”

“The members of the corporation, through consultation with various board committees, elect the board of directors. The board of directors acts as the governing body of the college.”

“The form 990 is provided to the college's audit committee, in draft form, during a regularly scheduled meeting. The information presented to the committee members is provided to them prior to the meeting date. The committee members review the 990 individually and raise questions and concerns regarding the information presented to management during the meeting. Following discussion, members of the committee vote to authorize the college's management to submit the form 990, as presented or with identified changes. Following the approval by the audit committee the final form 990 is distributed to each board member and posted to a secure website accessible by board members. Following a thirty day review period, management will authorize the filing of the form.”

“The chairman of the board distributes, explains, and collects completed conflict of interest statements at least annually. These statements are reviewed by the business office who obtains additional information, if required. The chairman of the board attends all board meetings where actions are voted on to ensure individuals with potential conflicts of interest do not provide commentary or participate in the evaluation of the transaction. These individuals are also forbidden to vote on actions where potential conflicts are present.”

“The college's board of directors contains an executive compensation committee to determine the compensation of the ceo and various vice presidents. Compensation is based on an evaluation of salaries paid to individuals at comparable institutions of higher education, within similar geographical regions. This information is accumulated through data published by the eastern association of college and university business officers (eacubo). Following review of comparable data, the ceo prepares performance evaluations on the various vice presidents within the college, based on established criteria. The ceo submits salary recommendations for these positions to the board's executive compensation committee for ultimate approval. The ceo performance evaluation is performed by the executive compensation committee and a salary recommendation is presented and approved following that process.”

“The college maintains public inspection copies of forms 990 and form 990-t in the college's business office during regularly scheduled hours. Further, a copy of the form 990 is available on the world wide web at www.guidestar.org.”

“The college does not make its governing documents, conflict of interest policy, or financial statements available to the public. The conflict of interest policy and the bylaws are available on the college's website to individuals with access to the college's network.”

“Unrealized gains on interest rate swaps 137,474. Changes in beneficial interest in perpetual trusts -236,893.”

“There has been no change in the selection or oversight of the independent auditors. The college publicly bid their audit services during the spring of 2006. At that time, the existing auditor was retained as the independent auditors of the college based on recommendation of the committee. The audit committee meets three times a year, and annually evaluates the performance of the independent auditors, assesses fees for services, and formally recommends appointment of the firm to the full board for approval.”